Monday, August 8, 2022
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Unacademy founders, management to take pay cut

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BENGALURU:The pain in the edtech space continues. Unacademy has introduced a slew of measures to lower costs. It has cut the salaries of the founders and the management team, it has done away with complimentary meals, and it is ending business class travel for its founders, CXOs and educators. It’s also doing away with dedicated drivers for its CXOs.
“Now, all of these changes might make it seem that we are in a bad state. Trust me. We are not. We are in a great state. This is the final frontier that we have to conquer. Profitability. And once we do, it will change the game for us,” Gaurav Munjal, founder & CEO, said in a note to employees. He said the company is well capitalised. It had raised $440 million last year that valued the company at $3.4 billion. Munjal said the company needs to do an IPO in two years, and needs to be cash flow positive, and for that, it must “embrace frugality as a core value”.
The company said it is shutting down certain businesses that have failed to find product-market fit, like the Global Test Prep business.


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